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| Query corner: Tata Communications
I have purchased Tata Communications at Rs 548. I am ready to hold these stocks for about 2 years. Please advise me on the long term prospects of this stock. Devidas. L. Pai
Tata Communications (Rs 478.3): The long-term base for Tata Communications is at Rs 348. The stock bounced off this level in June 2006 and again in July and October 2008. Long-term investors can therefore hold this stock unless it records a strong weekly close below Rs 340.
Key long-term resistance for the stock is at Rs 615. The stock reversed lower from this resistance in May this year. Unless there is an emphatic break-out above Rs 600, Tata Communications can oscillate in the band between Rs 440 and Rs 600. However, move above Rs 600 will take the stock back to its all-time high peak of Rs 776.
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